A broker review usually turns on spreads. XM's cannot: the forex page names two account types with no figures and says conditions are visible after login, and the precious metals page does the same for gold. What is left is the structure, and a list of things to check yourself.
Who you are actually signing with
- International (xm.com): XM Global Limited, regulated by the Financial Services Commission of Belize under the Securities Industry Act 2021, licence 8557558 on the footer and regulation page. XM's own documents show two other formats, "000261/309" in the client agreement and "IFSC/60/354/TS/18" in the risk disclosure; ask support to confirm the current one in writing.
- EU: Trading Point of Financial Instruments Ltd, CySEC licence 120/10, Limassol, named in its client agreement. The EU regulation page did not load.
- UK: Trading Point of Financial Instruments UK Limited, FCA 705428, London, named in its client agreement. No live UK page could be read.
- Australia: xm.com/au redirects to trading.com/au, operated by Trading.com Markets PTY Ltd under AFSL 443670, the licence XM's own Australian guide gives for Trading Point of Financial Instruments Pty Ltd. The trading.com page does not mention XM.
The why-trust-us page says "Regulated by CySEC, FSC, FSA, and DFSA"; no FSA or DFSA entity or number appears on the pages we read. XM does not serve the United States, Canada, Israel or Iran.
On negative balance protection the account types page says every account has it. The XM Global risk disclosure, section 2.14, says the client "will be liable for any resulting deficit" if equity is insufficient. Two documents from the same group read differently; a Belize-entity client should ask which governs their account.
The accounts, as published
| Account | Minimum deposit | Spread from | Commission | Platforms named |
|---|---|---|---|---|
| Standard | $5 | not stated | not stated | not stated per account (site lists MT4, MT5, XM App) |
| Ultra Low | $5 | "low spreads", no figure | not stated | not stated per account |
| Shares | $10,000 | not stated | not stated | not stated per account |
Micro and XM Zero accounts are not on the current page. The CySEC and UK costs-and-charges PDFs give an XM Zero commission of USD 7 per USD 100,000, 3.5 on open and 3.5 on close; whether the Belize entity offers Zero is not stated. At $10 a pip per standard lot on EUR/USD, $7 is 0.7 pips, the only XM cost we can put in pips.
Which account a signal follower would pick cannot be settled from the pages. Ultra Low is said to have lower spreads and "even lower swap fees and commissions"; no number says by how much. Open both on demo, run the same week of signals through each, and let the history decide. The minimum lot is not stated either; our position sizing guide shows why the smallest lot, not the $5 deposit, decides whether an account can follow a signal at 1% risk.
Leverage at XM Global is "up to 1000:1", described as "stable leverage" that stays in place during volatility, with a worked example of a one-lot gold long needing $450 margin. The other entities state no figure.
Gold, MT4 and MT5
The precious metals page links MT4, MT5 and the XM App and lists Standard, Ultra Low Standard and Futures with no figures. The MT5 page's description says MT5 trades "stocks, indices, oil and gold"; neither platform page lists instruments by platform, and nothing says gold is missing from MT4. Gold on both is implied by the links rather than stated; the demo confirms it in a minute.
On that demo: find the exact gold symbol, since the suffix a broker adds is what the copier needs; log the spread at the London open and between 22:00 and 01:00 UK time; and read the swap, or the Islamic terms below.
Swap-free
"Islamic option as standard" on all accounts, per the account types page; the client agreement's clause 73 on Islamic/Swap-Free Accounts could not be read. No administration fee, grace period or instrument list is published on the pages we read. Before holding gold overnight on an Islamic account, ask for the fee, if any, and the symbols it covers. Our piece on swap on gold explains what the swap replaces and what a flat fee does to a multi-day hold.
Funding and withdrawals
Not stated. The deposits and withdrawals page returned an error, and no other XM page we read lists a payment method, a processing time or a fee.
Copy trading
XM Copy Trading lets an investor copy "the trades of a Strategy Manager", free for investors, with managers paid "up to 50% Profit Share" subject to terms. The minimum investment is not stated. It mirrors another account with the reasoning out of view. Following a Telegram channel through a copier on your own MT4 or MT5 account keeps the signal, the stop and the lot size in your hands.
What XM does not publish
The list is the review. No spread for any account. No commission on a live page. No minimum lot. No platform per account. No deposit or withdrawal method or fee. No swap-free fee. No year founded and no head office; the figure XM prefers is "20+ Million traders trust XM". No leverage for the CySEC, UK or Australian entities. Gaps, and a demo with a notebook closes the ones that matter in a week.
Who XM suits, from the terms alone
- A trader who wants to start with $5 at the Belize entity, with leverage up to 1000:1 and an Islamic option by default, and will measure the trading costs for themselves.
- A UK or EU trader, who gets an FCA or CySEC entity and a costs-and-charges document with the XM Zero figure in it.
Who it suits less: anyone who wants to see the spread and the commission before opening an account; residents of the US, Canada and Israel; and Australians, who are sent to trading.com.
Figures were read from XM's pages and documents on 21 Oct 2026 and will change.
Sources
Every figure above was read on 21 Oct 2026 from these pages. If a page has changed since, the page wins.
- xm.com
- xm.com, regulation
- trading.com, au
- xm.com, why trust us
- xm.com, uk
- xm.com, eu, regulation
- xm.com, account types
- xm.com, assets, pdf, new, terms, XMGlobal Client Agreement Terms and
- xm.com, assets, pdf, new, docs, XMGlobal General Risk Disclosure
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